(MENAFN) On Wednesday, the first heads of agreement (HOA) following the US pullout from the nuclear deal was signed between Iran and Britain on development of Karanj oilfield located in Khuzestan province, MEHR reported.
Once the contract is finalized for the development of Karanj oilfield, it could be possible to produce a maximum of 200,000 barrels per day and a total of about 655 million barrelsover the next 10 years.
Direct capital costs are estimated at USD1.167 billion and indirect costs at USD187 million.
"We hope that the UK government .... endorses the agreement," Iranian oil minister Bijan Zanganeh said during the signing ceremony.
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